Question

1099-B says short-term or long-term determination is unknown to Broker. I must determine short-term or long term based on my records.

Forum|Forum|7 years ago
June 1, 2019
2 replies
0 views

Choices are Part I with Box B checked or Part II with Box E checked

TurboTax Premier Online

Employee

If all your purchases were LT, i.e. you stopped investing over a year ago. enter one transaction for the total number of shares, the DateAcquired is "Various", which you will find is a valid "date". Your transaction category is Box E.

P

PETALS714Author

I agree with everything you're saying. One more question, I don't have records of when we started making monthly contributions to the fund, so having trouble coming up with a cost or basis. For some reason, there's an amount in the cost or basis box for all the transactions but the last one.

T

ThomasM

Employee

Since you already know the sale date(s) of the securities, it's the acquisition date(s) which will dictate whether they're S/T or L/T. S/T means you held it one year or less; L/T means you held it greater than one year.

If you bought the stock so long ago that you can't remember, then it's L/T, and you'll choose Part II box E. If you're not sure what you paid for it, try to think back and arrive at a reasonable estimate of the date of acquisition, and then check the historical stock price on that date to arrive at your "cost basis."

If you inherited the stock, then it's L/T (likewise, Part II box E). You'll write "inherited" for "date of acquisition."

If these securities were inherited, then you will receive what's called a "stepped up" basis, meaning your cost will be the value of the stock on the person's date of death.

P

PETALS714Author

Thank you! Pretty confident it's L/T because we haven't contributed to the fund in years. We set it up over 10 years ago, but we contributed small amounts each month for years. I don't have complete paper records. I can't access online because we started with one company and it was bought out by another company. What's your suggestion if it isn't just one acquisition date, but many transactions, monthly over several years.